- The SEC has delayed its decision on multiple cryptocurrency ETFs, including those for XRP, Solana, Litecoin, and Dogecoin, citing the need for further review amid leadership uncertainty.
- While these delays frustrate the crypto market, experts remain optimistic about eventual approval, with final decisions expected by October 2025.
The cryptocurrency world is once again on edge as the U.S. Securities and Exchange Commission (SEC) has delayed its decision on multiple exchange-traded fund (ETF) applications, including those for XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE). While these delays are not entirely unexpected, they raise questions about regulatory uncertainty and the SEC’s stance on crypto ETFs.
Regulatory Delays and Leadership Challenges
On March 11, 2025, the SEC announced that it would need more time to review the proposed ETFs. Grayscale’s XRP ETF and Cboe BZX Exchange’s Solana ETF are among the applications now postponed until May 2025. According to Bloomberg ETF analyst James Seyffart, such delays are part of the SEC’s standard procedure, especially in light of recent leadership changes within the Commission.
The delay comes amid a period of transition for the SEC. Former Chairman Gary Gensler’s replacement, Paul Atkins, resigned in January before being confirmed by Congress, leaving the regulatory body without stable leadership. Acting SEC Chairman Mark Uyeda has since proposed modifications to crypto regulations, but the lack of a permanent chair has created uncertainty. Some experts believe the SEC’s hesitation is a strategic move, allowing it to reassess its position on digital assets before making significant policy decisions.
Mixed Signals in ETF Approvals
Despite these delays, the SEC has also acknowledged new ETF filings on the same day. Franklin Templeton’s XRP ETF application appeared on the SEC’s official website, alongside proposals for a Dogecoin ETF and a Hedera-based ETF. While these acknowledgments don’t guarantee approval, they signal ongoing interest and potential progress in the ETF approval process.
However, the delays have led to frustration in the crypto community. ETF analyst Eric Balchunas likened the SEC’s handling of these applications to a slow-moving train, saying, “Everything delayed. It’s like a Monday morning Amtrak to NYC—stuck due to mechanical issues in DC.”
The Crypto Market’s Waiting Game
The approval of altcoin ETFs would mark a significant step forward for institutional investment in the crypto market. Many experts still believe that these applications have a strong chance of being approved by the final October deadlines. Seyffart reassured investors, stating, “This does not lower our chances of approval, which remain fairly strong.”
For now, the market remains in a holding pattern, eagerly anticipating regulatory clarity. With the SEC’s final decision deadlines set for later this year, investors and crypto enthusiasts will have to wait and see how this regulatory drama unfolds.
